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BREAK 10 :25 -10 :35 a.m. <br />C. Policy direction regarding use of reserves <br />Consensus for use of reserves as follows: 2004/05 — 50% reductions and 50% <br />reserves; 2005/06 — 66% reductions and 33% reserves; 2006/07 — 100% <br />reductions and no reserves. Council consensus was to lower reserve amounts to <br />approximately 12% by June 2007, given the State reductions this year. <br />D. Policy direction regarding deliverables <br />City Manager to recommend a budget consistent with the policy on reserves. <br />Reductions will not be "across the board" reductions. Alternative budget reduction <br />packages to be presented so Council can make changes to the recommended <br />budget. <br />E. Policy direction regarding the budget timeline <br />Consensus was for staff to bring information to Council in late March or early April <br />2004 after results of the State Bond Election is known and an additional quarter of <br />sales tax figures is available. <br />8. FISCAL YEAR 2005 -2006 <br />A. Policy clarification regarding VLF /Reserves <br />As stated above, Council consensus was for 2005/06 — 66% reductions and 33% <br />reserves. <br />9. ADJOURNMENT— 11:15 a.m. <br />M/S Hartnett/Ruskin to adjourn to the next City Council meeting of January 12, 2004. <br />The motion passed by a unanimous voice vote. <br />Respectfully submitted, <br />S _ <br />Patricia S. Howe, CIVIC <br />City Clerk <br />SPECIAL BUDGET STRATEGY MEETING <br />MINUTES <br />JANUARY 10, 2004 <br />PAGE 3 <br />MINUTES Book No. 60 <br />Page No. 137 <br />